The IOC's tour of the Village was part of their biannual Coordination Commission visit, and coincided with the release of the new Olympic Park flythrough and latest aerial images.
IOC Coordination Commission Chairman Denis Oswald said, "The Olympic Village is at the very heart of the Games experience for thousands of athletes. It represents their home away from home and the place where they will prepare to achieve their Olympic dreams.
"It is therefore encouraging to see that excellent progress has been made in constructing this accommodation, especially knowing that this Village will become a vibrant new community in legacy.
"With its close proximity to the Olympic Park, the athletes will undoubtedly take full advantage of being able to walk to events and this will allow them to soak up the atmosphere and live their Olympic experience to the full."
The other 10 plots of the Village remain on track to be completed by the end of the year.
The Village lies adjacent to the Olympic Park and will accommodate the athletes and officials during the London 2012 Games. After the Games the Village will deliver new homes for east London.
These homes will be joined by new parks, open space and new education and healthcare facilities in one of the best-connected parts of the capital.
Olympic Delivery Authority (ODA) Chief Executive Dennis Hone added: "The IOC's praise for the Athletes' Village is extremely encouraging and with our first residential plot now completed, we are seeing beds for athletes and new homes for Londoners taking shape.
"The Village will create a new neighbourhood for east London with the best of city living all in one place where essential new housing will be joined by education and healthcare facilities, new parklands, public squares and open space.
"With construction work firmly on track, discussions to secure a long-term private investor in the Village are also making good progress with a shortlist of investors due to be selected in the coming weeks."
LOCOG Chair Seb Coe said: "The Village is looking incredible and we're thrilled that the IOC is here to witness first-hand the progress that has been made.
"Whether competing at venues in the Park, or further afield there will be a place for all athletes here at the Village, giving them the opportunity to experience the unique atmosphere of the Games should they want to, wherever they are competing."
"London is going to be a special place to be in the summer of 2012 and athletes staying here will be at the heart of it all in the Athletes' Village which will be a vibrant community for those competing. And after the Games, that sense of community will remain as a new neighbourhood is created in east London, on the doorstep of the Olympic Park," he added.
A shortlist of private sector investors to acquire the ODA's interests in the Village is expected to be announced shortly for further detailed negotiations with a decision whether to proceed with a selected party then expected to be made in the Summer.